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Moribund trade for the NZ dollar against the YEN.

Written by Sam Coxhead on October 12th, 2012.      0 comments

12:44 PM (NZD) This pair has seen a very contained range so far this week. With little top tier economic data in either economic, the pair has looked comfortable in its recently familiar 63.50 - 65.50 range. This range may continue for the time being as markets wait for significant events to unfold in terms of the US election and the Spanish funding issues in Europe. Increasingly futile efforts by Japanese officials to talk the YEN lower represents an increasing risk to my mind. At some stage they will be forced to act or risk being completely disregards by the market. Balancing this pressure for NZ dollar appreciation is the lowering global growth forecasts. The combination of these issues point toward further range trading in the short term for this pair.
 
The current interbank midrate is:                                                            NZDYEN 64.00                             
                                                               
The interbank range so far this week to date has been:                 NZDYEN 63.63 – 64.55              
Topics: NZD YEN JPY
 

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